Multivalent counterions can induce an effective attraction between like-charged rodlike polyelectrolytes, leading to the formation of polelectrolyte bundles. In this paper, we calculate the equilibrium bundle size using a simple model in which the attraction between polyelectrolytes (assumed to be pairwise additive) is treated phenomenologically. If the counterions are point-like, they almost completely neutralize the charge of the bundle, and the equilibrium bundle size diverges. When the counterions are large, however, steric and short-range electrostatic interactions prevent charge neutralization of the bundle, thus forcing the equilibrium bundle size to be finite. We also consider the possibility that increasing the number of nearest neighbors for each rod in the bundle frustrates the attractive interaction between the rods. Such a frustration leads to the formation of finite size bundles as well, even when the counterions are small. The mean-field Poisson-Boltzmann (PB) theory of electrostatic interactions predicts that two identical macromolecules in any salt solution will repel each other [1]. However, the presence of multivalent counterions can actually induce an attraction between like-charged polyelectrolytes (PEs). This has been experimentally observed for several different PEs, including doublestranded DNA [2, 3], F-actin [4,5], microtubules [4,6], and the fd, M13, and tobacco mosaic viruses [4,7]. Computer simulations of both homogeneously charged rods [8,9,10,11] and realistic DNA molecules [11,12,13] unambiguously show that attractive interactions can arise solely from counterion correlations not included in PB theory. Several theories that take these correlations into account -including perturbative expansions of PB theory [14,15], structural-correlation theory [16,17,18], and strong-coupling theory [19] -obtain an attractive interaction between two rods. It is still a matter of discussion, however, as to which of these theories is the most appropriate description of the correlation-induced attraction seen in experiments and simulations. Furthermore, it is unknown whether the interactions between multiple rods is pairwise additive or not [17,20,21].Under experimental conditions in which the interaction between PEs is attractive, the PEs typically form dense, ordered bundles of a well-defined size, rather than precipitating into a PE-rich phase [2,3,4,5,6,7]. In this paper, we theoretically investigate the thermodynamic stability of these bundles (if bundle growth is not limited thermodynamically, then it must be limited by kinetic barriers [21,22,23]). We assume that the attractive interactions are pairwise additive, but do not specify the precise nature of the counterion correlations. Rather, we simply introduce a phenomenological parameter γ to characterize the attractive energy between two PEs in a bundle.Consider, then, an aqueous solution of volume V with N identical rodlike PEs of length L, radius a 0 , and a uniform linear charge density −eλ 0 (the aggregation of flexible PEs has been cons...